Personal loan news and advice

All the latest personal loan news and top tips to help you manage your personal loan.

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8 dos and don’ts of debt consolidation

Are your multiple debts getting too hard to manage and a little expensive? A debt consolidation loan may be what you need! What’s that, you ask? Well, a debt consolidation loan is a financial product that allows you to roll your personal debts into one and pay them off with one regular repayment over the loan term. Commonly, customers consolidate high interest debt like credit cards, personal loans and car loans in order to receive a lower rate and pay less in interest over time.  There are some tactics though when it comes to consolidating debt, to ensure you are actually saving money and in some cases, time as well. Because at the end of the day, there is no point taking out a consolidation loan if it’s going to end up costing more than paying off your debts separately.

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Personal loans snapshot may 2021

Personal Loans Snapshot: May 2021

As we enter the month of May, not only do we begin to creep closer to the end of the financial year, but we’ve also started to see a number of significant rate changes in the personal loans sphere, which we’ll touch on more below.

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Don’t get stung by high personal loan rates

Don’t get stung by high personal loan rates

Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a better deal by not shopping around.

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Debt consolidation the leading reason aussies take out personal loans says plenti

Debt consolidation the leading reason Aussies take out personal loans, says Plenti

Whether it’s spending more time at home or a new perspective on life, many Aussies across the country have been taking great strides in smashing their financial goals by taking out a personal loan. In fact, according to a recent Loan Book Update from peer-to-peer lender, Plenti, debt consolidation (27%) was the leading financial reason for applying for a Plenti personal loan. Other major reasons for taking out a personal loan were for renewable energy spending (25%) and home improvements (13%), suggesting that more Aussies are looking to boost the value of their home. Interestingly, 30% of current personal loan customers were between the ages of 30 and 39, while more than half (52%) earned between $50k and $100k. If you’ve been thinking about taking out a personal loan, finding the right option for your needs and financial goals can be tricky. The good news is if you’ve got a decent credit history, you could have access to some low interest rates, as many providers offer competitive rates to these kinds of borrowers. To help get your search started, we’ve rounded up some hot personal loan deals available in the Mozo database.

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Why a debt consolidation loan could be a smart move right now

Why a debt consolidation loan could be a smart move right now

Many Aussies have experience with debt. In fact, as of June last year 20% of Australian households have credit card debt, while 33% have other personal debt, according to RBA numbers. Meaning a whole lot of people are dealing with making repayments, and in some cases, multiple repayments. But the truth is, keeping your debts separate isn’t always the most financially savvy option - considering where personal loan rates sit right now. This is where a debt consolidation can come in handy. 

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